Prospect Capital to sell $50 million add-on offering of 5.875% notes

By Devika Patel

Knoxville, Tenn., June 18 – Prospect Capital Corp. plans a $50 million additional sale of its 5.875% senior notes (/BBB-//Kroll: BBB) due March 15, 2023, according to a prospectus with the Securities and Exchange Commission. The company sold $250 million of the notes in an offering that priced on March 8, 2013 and settled on March 15, 2013.

The 2013 notes were issued at 99.07 to yield 6%.

The new notes are expected to price in the Treasuries plus 312.5 bps area. Pricing was expected Monday, with settlement expected Wednesday.

RBC Capital Markets Corp. and Barclays are the bookrunners. UBS Securities LLC is the co-manager.

Proceeds are expected to be used for a tender offer to purchase for cash any and all of the $300 million of the company’s 5% senior notes due 2019.

Prospect Capital is a New York-based asset management company.

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